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State of Madhya Pradesh - Section

Section 12 in The (Central Provinces and Berar) Debt Conciliation Act, 1933

12. Agreement of amicable settlement its registration and effect. - (1) If the creditors to whom not less than [thirty] percent of the total amount of the debtor's debts are owing come to an amicable settlement with the debtor, such settlement shall forthwith be reduced to writing in the form of an agreement recording [a list of immovable properties of the debtor with particulars of any mortgage, lien or charge subsisting thereon], the amounts payable to such creditors and the manner in which and the time at which they are to be paid. Such agreement shall be read out and explained to the parties concerned, and shall be signed or otherwise authenticated by the Board and the parties :

Provided that, when a co-operative society is one of such creditors, no settlement, in so far as it affects the debts owing to such society, shall be valid without the previous approval in writing of the Registrar of Co-operative Societies.
(2)An agreement thus made shall [within one month], from the date of its making, be registered under the Indian Registration Act, 1908 (XVI of 1908) by the Chairman of the Board in such manner as may be prescribed and it shall then take effect as if it were a decree of civil court.
(3)For the purpose of the registration of an agreement under sub-section (2), the Chairman of the Board shall be deemed to be an officer of Government empowered to execute such agreement within the meaning of Section 88 of the Indian Registration Act, 1908 (XVI of 1908).[12A. Existing mortgage, lien or charge to submit. - Where an agreement registered under sub-section (2) of Section 12 relates to a debt which is secured by a mortgage, lien or charge on any immovable property of a debtor, such mortgage, lien or charge shall subsist to the extent of the amount payable to the creditor in respect of such debt in accordance with the terms of the agreement until such amount has been paid or the property has been sold for the satisfaction of such debt.][12B. Suspension of instalment consequent on the suspension or remission of land revenue or rent. - When the total land revenue or rent, as the case may be, payable by a debtor in the State for any year is suspended or remitted by Government to the extent specified in column (1) of the table below, the instalment payable by such debtor in that year in accordance with the terms of an agreement registered under sub-section (2) of Section 12 on or after the 1st April, 1933, shall, notwithstanding anything contained in such agreement, be suspended to the extent specified in column (2) of that table. On such suspension the payment of the instalment or portion thereof suspended and the remaining future instalments due in respect of the debt, shall be postponed by one instalment period. No interest shall be charged on any instalment or portion thereof for the period during which its payment remains postponed :-
(1) (2)
Where the suspension or remission is less than 50 per cent butnot less than 30 per cent of the total land revenue or rentpayable by a debtor. Half the instalment shall be suspended.
Where the suspension or remission is 50 per cent or more than50 per cent of the total land revenue or rent payable by adebtor. The whole instalment shall be suspended.]